China National Petroleum Company (CNPC) will hold a 20% stake in a new company with Petrobras for the completion of the Comperj refinery in Rio de Janeiro, Brazil.
The joint venture (JV) partners also agreed to hold a 80:20 stake in the Marlin, Voador, Larlim Sul and Marlim Leste offshore concessions.
Financial terms of the agreement were not disclosed.
Petrobras, which has already invested $13bn in Comperj, began talks with CNPC for a partnership in the refinery in July.
The pair began thei